Sentencing will be Aug. 25 for two Chattanooga men who bilked a host of investors out of more than $3.5 million.
Douglas Dyer and James Brennan pleaded guilty on Wednesday to wire and mail fraud as well as income tax evasion. Dyer also pleaded guilty to violating a court order.
Dyer and Brennan face up to five years in federal prison.
The amount of restitution has not yet been set.
Prosecutor James Brooks gave the $3.5 million loss figure.
A number of investors who got nothing except stock certificates were in the courtroom of Magistrate Judge Susan K. Lee.
Dyer was represented by attorney Lee Davis and Brennan by the Federal Public Defender's Office.
The sentences will be set by Judge Travis McDonough.